Question
In: Accounting
The following accounts appear in the ledger of Super Inc. after the books are closed at...
The following accounts appear in the ledger of Super Inc. after the books are closed at December 31, 2019
Common Stock, $1 par value, 800,000 shares authorized, 450,000 shares
Issued $450,000
Paid-in-Capital in Excess of Par Value-Common Stock 750,000
Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 400 shares
issued 350,000
Retained Earnings 250,000
Treasury Stock (10,000 common shares) 30,000
Paid-in Capital in Excess of Par Value-Preferred Stock
Note: Income statement for 2019 is $170,000. Dividends paid $25,000
Instructions: Prepare the stockholders' equity section at December 31, 2019
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Expert Solution
| Super Inc | ||
| Balance Sheet (partial) | ||
| December 31, 2019 | ||
| Paid in capital | ||
| Contributed capital | ||
| Capital stock | ||
| Common stock ($1 par value, 800,000 shares authorized, 450,000 shares issued) | $ 450,000 | |
| Preferred stock ($100 par value, 8% 10,000 shares authorized, 400 shares issued) | $ 40,000 | |
| Total capital stock | $ 490,000 | |
| Additional paid in capital | ||
| Paid in capital In excess of stated value - Common stock | $ 750,000 | |
| Paid in capital In excess of par - Preferred stock | $ 310,000 | |
| Total additional paid in capital | $ 1,060,000 | |
| Total contributed capital | $ 1,550,000 | |
| Retained earnings (250000+170000-25000) | $ 395,000 | |
| Total contributed capital and retained earnings | $ 1,945,000 | |
| Less: Treasury stock (10,000 common shares) | $ (30,000) | |
| Total stockholders Equity | $ 1,915,000 | |
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